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Unit: Basic economics concepts

AP Macro:
MKT (BI)
,
MKT‑1 (EU)
,
MKT‑2 (EU)
,
MOD (BI)
,
MOD‑1 (EU)

0

Possible mastery points
Level up on the above skills and collect up to 300 Mastery points
AP Macro:
MKT (BI)
,
MKT‑2 (EU)
,
MKT‑2.C (LO)
,
MKT‑2.C.1 (EK)
,
MKT‑2.D (LO)
,
MKT‑2.D.1 (EK)
Level up on the above skills and collect up to 400 Mastery points
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Unit test

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About this unit

In this unit, you'll learn fundamental economic concepts like scarcity, opportunity cost, and supply and demand. You will learn things like the distinction between absolute and comparative advantage, how to identify comparative advantage from differences in opportunity costs, and how to apply the principle of comparative advantage to determine the basis on which mutually advantageous trade can take place between individuals and/or countries.
AP® is a registered trademark of the College Board, which has not reviewed this resource.